Xalles Holdings (OTC:XALL) reported a jump in both profit and revenue for 2023 driven by its strategic acquisitions and operational enhancements.
For the year ended December 31, 2023, the company more than doubled its profit year-over-year from $1.1 million to $2.8 million, which was attributed by the company to its “effective cost management approach.”
Revenue grew from $5.9 million in 2022 to $19.1 million, which it attributed to the successful integration of its acquisitions and expansion of its core services.
Its recent acquisitions include gaining a 25% stake in data and analytics firm Adaptive Analytics, ahead of a future transaction which would make Adaptive a wholly owned subsidiary, and the acquisition of defense technology solutions provider Artemis Defense Technologies UK in December 2023.
After the year-end, Xalles in early 2024 acquired CashXAI to expand its financial services offering.
“Xalles Holdings (OTC:XALL) continues to pursue growth through acquisitions and organic expansion, leveraging our proprietary technologies and market position to drive value for shareholders and customers alike,” the company said in a statement.
Xalles Holdings is a holding company specializing in innovative technology and financial service solutions.
Through its RISE Business Model (Roll In, Selected Exit), it actively seeks acquisition targets with solid management teams, robust business models, expansive total attainable markets, and enticing exit opportunities.